STC records 80 m profit

The State Trading Corporation has been improving its profits from 2015 and from April to December 2017, has shown a profit of Rs. 80.7 million during that nine month period, said Industry and Commerce Minister Rishad Bathiudeen.

He attributed this success to measures taken to minimize wastage and maintain proper management, improving its efficiency.

The Minister revealed this at a progress review meeting held at the ministry.

The Minister further said, “In 2015 I made several changes for proper management within the STC under the purview of my ministry. The appointed Chairman, General Manager and the staff all worked collectively and were committed to minimizing wastage and improve the efficiency of the corporation which was instrumental in improving the profits. Accordingly, in 2015 a profit of Rs. 10.5 million was recorded, which was further enhanced in 2016 to Rs. 43.8 million.

During a nine month period from April 2017 to December the same year, profits grew to rs. 80.7 million. In comparison to the profits made in 2016, this is an 84% increase in profits. Further the total earnings of the STC in 2017 is Rs. 3,385 million which is a 23% increase in comparison to 2016. Our aim is to increase this profit in 2018 by another 50% and in this regard we have established our sales network covering the entire country,” he said.